A âdebt settlement offerâ is an offer to pay your debt at a discounted amount for a limited time. If youâre eligible, weâll let you know and weâll apply it to your account.
We donât report to credit reference agencies, Â however, your credit file could still be impacted if you pay a settlement through us.
Before you agree to a settlement, itâs likely that your credit file has already been affected. This could be because youâve missed payments and your lender has applied a âdefaultâ label to your account.
When you pay a settlement this label will change on your credit file to say âpartially settled debtâ. While this is better than a default label, itâs not as good for your file as if you paid off the debt fully. Having a âpartially settled debtâ label on your file could make it difficult to access credit in the future, and can stay on your file for up to 7 years.
Any updates to your credit file will be reported by your lender, so if you have any questions or concerns about your credit file you should contact them as soon as possible.
Thatâs absolutely fine. Please get in touch with us via email at support@ophelos.com, live chat, or request a callback here and we can remove the discount for you.
â